•As a part of the succession planning process, the Board of YES Bank approves the proposal to seek RBI approval for appointing Mr. Chawla as the next Non-Executive,Part-Time Chairman of the Bank, post completion of the term of current Chairperson in October 2016.
•Pursuant to the same, an application has been made to the RBI seeking approval on appointment of Mr. Ashok Chawla as the next Non-Executive Part-Time Chairperson
of the Bank
Mumbai, March 09, 2016: YES BANK, India’s fifth largest private sector Bank announced the appointment of Mr. Ashok Chawla as an Additional Director (Non Executive) with effect from March 05, 2016. YES BANK has also applied to the Reserve Bank of India to seek approval on the appointment of Mr. Ashok Chawla as the next Non-Executive Chairman of the Bank, upon expiry of term of current Non-Executive Chairperson (Ms. Radha Singh), which expires on October 29, 2016, as part of the succession planning process.
The shareholders’ of the Bank would consider the appointment of Mr. Chawla as an Independent Director in the ensuing Annual General Meeting of the Bank, in terms of the Companies Act, 2013.
Prior to joining YES BANK, Mr. Ashok Chawla was till recently, the Chairman of the Competition Commission of India (“CCI”). Mr. Chawla has been a distinguished civil servant with over 40 years of experience in various sectors of the economy in India as well as in International Multilateral agencies. He obtained his Masters in Economics from the Delhi School of Economics in 1972 and joined the Indian Administrative Service in 1973. He started his career in the State of Gujarat and held various positions, including Chief Executive of important State-Owned enterprises. Notably, he was the head of the multi-billion dollar Sardar Sarovar Narmada multi-purpose project.
He has been on the Boards of Reserve Bank of India, Insurance Regulatory and Development Authority, State Bank of India and Life Insurance Corporation of India. He was also at different points in time India's Executive Director on the International Fund for Agricultural Development, Alternate Governor for India at the World Bank and at the Asian Development Bank.
Mr. Chawla had also held leadership positions in the corporate sector. He has been Chairman and Managing Director of Indian Petrochemicals Corporation Limited and a Director on the Board of Oil and Natural Gas Corporation (ONGC).
Mr. Chawla was also recently appointed as Chairman of the Governing Council of The Energy and Research Institute (TERI), a not-for-profit policy research organization, working in the field of energy, environment and sustainable development.
With this appointment, YES BANK’s Board constitution is as follows:
Ms Radha Singh, Non Executive Chairperson
Mr. Ashok Chawla, Additional Director (Non Executive )
Mr. Ajay Vohra, Independent Director
Lt General (Retd.) Mukesh Sabharwal, Independent Director
Mr. Diwan Arun Nanda, Independent Director
Mr. Ravish Chopra, Independent Director
Mr Brahm Dutt, Independent Director
Mr. Saurabh Srivastava, Independent Director
Mr. Vasant V Gujarathi, Independent Director
Mr. M R Srinivasan, Non Executive Non Independent Director
Mr. Ajai Kumar, Additional Director ( Non Executive )
Mr. Rana Kapoor, Managing Director & CEO
Speaking on the occasion, Mr. Rana Kapoor, MD and CEO, YES BANK, said, "Mr. Ashok Chawla is a senior and experienced leader and highly respected in Indian Industry, given his impeccable track record and valued contribution in various spheres. We look forward to his continued guidance as member of the Board of Directors at YES BANK towards scaling the Bank in its next phase of growth, as also in further building on our Bank’s institutional character as the Professionals’ Bank of India”.
About YES BANK LIMITED
YES BANK, India’s fifth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Finest Quality Bank of the World in India” by 2020.
For further information, please contact:
Ph.: +91 22 3347 9753,+91 9820813570
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